Question # 1

Under consumption or over saving theory is presented by

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Prof Hobson, Foster and Catchings

Prof Hawtrey

Prof Keynes

Prof Jevons

River, sea, forests, rain are called

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Land

Labour

Capital

Organization

The term demand in economics means:

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Desire

Purchasing

Need

Both (a) and (b)

Market value of all final goods and services is known as:

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N.I

G.N.P

N.N.P

Both a and b

Who did write the book named "General theory of employment, interest and money"

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Marshall

Pigou

Adam Smith

Keynes

The ratio of change in investment to change in income is known as:

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Multiplier

Accelerator

MEC

Both a and b

"The nature and significance of economic sciences" was written by:

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Adam smith

Marshall

Robbins

Canon

Elasticity of demand for substitute and jointly demanded goods is called

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Income elasticity

Arc elasticity

Cross elasticity

Point elasticity

"The nature of significance economics sciences" was written in:

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1930

1936

1932

1890

Under monopoly, the slope of MR curve is:

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Twice the slope of AR curve

Less than the slope of AR curve

Greater than the slope of AR curve

Half the slope of AR curve

If supply is fixed then due to fall of demand

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Equilibrium price decreases

Equilibrium quantity increases

Equilibrium price increases

Equilibrium price does not change

Number of beneficiaries of Zakat is stated in the holy Quran

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Five

Seven

Eight

Nine

If supply increase due to increase in price, it is called

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Extension of supply

Contraction of supply

Rise of supply

Fall of supply

Which money is not legally backed

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Metallic money

Paper money

Credit money

Near money

Who said that economics is the science of wealth ?

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Adam Smith

Robbins

Marshall

Pigou

The rate of change in Qd due to change in price is called:

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Rise in demand

Income Elasticity of demand

Price Elasticity of demand

Cross Elasticity of demand

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Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers

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